Madison Wealth Partners Inc Decreases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Madison Wealth Partners Inc lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 7.9% during the 2nd quarter, Holdings Channel.com reports. The firm owned 490 shares of the software company’s stock after selling 42 shares during the quarter. Madison Wealth Partners Inc’s holdings in Adobe were worth $272,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in ADBE. Concentrum Wealth Management lifted its position in Adobe by 11.3% during the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after acquiring an additional 244,008 shares during the last quarter. Aveo Capital Partners LLC grew its holdings in Adobe by 5.9% in the fourth quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock worth $556,000 after purchasing an additional 52 shares during the last quarter. Gryphon Financial Partners LLC increased its position in shares of Adobe by 22.7% during the fourth quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock worth $2,066,000 after purchasing an additional 658 shares in the last quarter. Level Four Advisory Services LLC lifted its holdings in shares of Adobe by 7.5% during the 4th quarter. Level Four Advisory Services LLC now owns 1,451 shares of the software company’s stock valued at $866,000 after purchasing an additional 101 shares during the last quarter. Finally, TrinityPoint Wealth LLC boosted its position in shares of Adobe by 3.0% in the 4th quarter. TrinityPoint Wealth LLC now owns 1,097 shares of the software company’s stock worth $654,000 after purchasing an additional 32 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Down 2.9 %

ADBE stock opened at $521.50 on Tuesday. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a 50-day simple moving average of $552.68 and a 200-day simple moving average of $519.46. The stock has a market capitalization of $231.23 billion, a P/E ratio of 46.86, a P/E/G ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the business earned $3.26 EPS. Equities analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on ADBE shares. Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, July 12th. Melius downgraded shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective on the stock. in a report on Monday, June 10th. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 target price on shares of Adobe in a research note on Friday. Oppenheimer restated an “outperform” rating and set a $625.00 price target on shares of Adobe in a research note on Friday. Finally, Wells Fargo & Company lifted their price objective on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus target price of $606.58.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction on Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the sale, the executive vice president now owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the transaction, the executive vice president now owns 20,359 shares in the company, valued at approximately $11,405,722.57. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,259 shares of company stock valued at $14,855,543. 0.15% of the stock is owned by insiders.

Adobe Company Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.